Close of the partial tender offer for shares in Sichuan Shuijingfang Company Limited 2018

13 Aug 2018 | Press release

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Subsequent to the announcements made on 25 June 2018 and 10 July 2018, the offer period for the partial tender offer made by Diageo, through its wholly owned subsidiary Grand Metropolitan International Holdings Limited (“GMIHL”), to increase its aggregate equity stake in Sichuan Shuijingfang Company Limited (“SJF”) from approximately 39.71% to up to a maximum of 60% (the “PTO”) closed on 11 August 2018.

As SJF distributed a cash dividend of RMB0.62 per share (inclusive of tax) during the offer period, the offer price was adjusted in accordance with the applicable local regulations from RMB62.00 per share to RMB61.38 per share with effect from 2 August 2018.

According to the information available to Diageo today, a total of 247,176,244 shares, representing approximately 50.59% of the issued share capital of SJF, have been tendered for acceptance under the PTO. Given that the number of shares tendered is more than the 99,127,820 maximum, GMIHL will purchase the shares tendered on a pro rata basis.

Settlement of the PTO is expected to take place on 17 August 2018.  On completion of the PTO, Diageo’s aggregate equity stake in SJF will be 60%.  SJF will continue to meet the minimum public float requirement of the Shanghai Stock Exchange and its listing status will not be affected.

Further details on settlement are available in the Chinese language on the website of the Shanghai Stock Exchange.